Call for Applications: AfDB Fashionomics Africa Incubator and Accelerator Program 2024 for African Fashion Entrepreneurs ($6,000 USD cash prize)

The African Development Bank Fashionomics Africa initiative’s third online competition is offering $6,000 total in cash prizes, mentoring, new branding packages, and other support for winning African designers of sustainable and circular fashion.

Fashionomics Africa, in collaboration with the United Nations Environment Programme, Parsons School of Design, strategic consulting and communications agency BPCM, and the Ellen MacArthur Foundation, invites interested African fashion brands to apply to the sustainable fashion online competition. Entrants must be pursuing environmentally friendly measures, sustainability, and circular economy actions to qualify. The designer or design team submitting the “best sustainable design” will win $3,000 along with other prizes. Two other competition finalists will take home $1,500 each, plus other support

The competition targets textile, apparel, and accessories entrepreneurs from Africa, aged 18 years or older, who have launched fashion businesses (up to a maximum of 50 employees), and whose sustainable designs have been produced within the last five years. Qualifying applicants will submit pictures of their products, detail their sustainable business model, and explain how their startup is environmentally friendly and innovative.

Eligibility:

If you have more than 3 years of experience managing your business (registered or not), please select the Accelerator Program.

If you have 0 to 3 years of experience managing your business (registered or not), please select the Incubator Program.

How to Apply:

To learn more about the Fashionomics Africa online competition or to submit an entry below,

Applications must be submitted either in English, Portuguese, Arabic or French.

Failure to comply with these requirements will lead to the rejection of the application.

French: https://bit.ly/FashionomicsCFAFrench

Arabic: https://bit.ly/FashionomicsCFAArabic…

Portuguese:

https://bit.ly/FashionomicsCFAPortuguese…

Deadline: October 20, 2024

Click HERE for MORE Information

How To write A Profitable Fashion Business Proposal

If are planning to go ahead with the above incubator, it is important you have the following ready:

1. A business plan

2. Financial records

3. Climate/ Sistainability model

I will dwell more on the business plan for now. To get more tips on how to craft a compelling proposal, subscribe to this blog and get insights and tips to help you succeed.

How do you convince someone that you aren't going to stop going to the well even when it gets dry. Because it's your only source of water of course, so you have to keep digging deep until you find water. That is passion, no one wants to give money to someone who may change careers at a wimp. Your passion will make you ignore oceans because you seek fresh water. Learn to pitch your business in a consise manner, give investors a teaser to want to know more about your business.

Is your business meeting a need?

A lot of people all over the world are business oriented, if I sold my phone to you because I am in need of money, it would not make me an entrepreneur or a business owner, and no one will invest in me because I could sell my phone. But if I decide to sell used phones to lower class individuals who can not afford new ones, that's me meeting a need. For that, someone who believes my business will be profitable can invest immediately. Ensure your business is meeting needs, that way, you are sure of having customers as well as investors

Is there an available market?

Who is your target market? have a clear picture of your audience and market. It gives you direction and helps you analyze your strategy better to know how profitable your business is, or will be.

What is your mission? Have a laid out mission that is achievable

What do you intend to do with your money

Is your need practical?

Sometimes, business owners say they need money, when they actually do not. Money is important in a business, that's a fact, but it is not required all the time. What you need is to go back to your drawing board, and strategize, market like crazy if you need to, be innovative in coming up with something to push you business forward

Other means of funding

Remember that in many cases, when investors invest in your business, they own a part of your business. Make sure it's a win-win situation for both parties. Another method of getting funds to drive your business forward is through family and friends who will like to help you grow your business, it is the best way to get funding for a startup, you could also seek bank loans if you have all that is required for one. Ensure you read thoroughly through terms and conditions before opting for a loan. And finally, have legal advisors walk you through every process. There are also grants available, which is by far the best type of funding a business can get, ensure you meet requirements for obtaining one, and use it to grow your business.